Stocks: 5 things to know before the open

Europe's airline industry is in the spotlight Wednesday, with stocks taking a nosedive on poor earnings and a big order cancellation.

Futures in general were slumping after the World Bank dragged down its forecast for global growth.

Here are 5 things you need to know before the bell:

1. Airline stocks hit by turbulence: Shares in Lufthansa Group(DLAKY) were down by roughly 10% in Germany after the airline operator issued a surprise profit warning.

Airbus(EADSY) stock fell by about 4% in Paris after Emirates Airline canceled a multi-billion dollar order for 70 A350 planes.

Shares in Rolls-Royce(RYCEF), which makes the engines for the A350s, also took a hit in London trading.

2. Fashion forward -- Inditex, Target: Shares in the Spanish fashion company behind the popular Zara brand were getting a lift in Europe. Inditex(IDEXY) reported better-than-expected results for the first quarter.

Target(TGT) stock could be on the move as the company hosts a shareholder meeting in Dallas in the afternoon. The company has been suffering over the last few months -- it was hit by a major data breach in December, fired its CEO, and profits at the retailer have been lackluster.

"It seems that the trend has been for lower opens and then for the market to make up for it later in the day, resulting in record highs," said Peter Cardillo, chief market economist at Rockwell Global Capital. "I suspect we're going to see another repeat of yesterday's market action."

4. Economic update: At 8:30 a.m. ET, a report on U.S. state GDP growth will come out, revealing the health of the 50 states.

The Treasury Department will release its monthly budget statement at 2 p.m.